As stated in our extensive report; the Global Human Insulin Market accounted forUSD 22.3 Billionin the year 2021.
The Human Insulin market is expanding as a result of things like rising diabetes rates and improvements in the formulation. However, the rising use of medications like GLP-1 RAs to treat type 2 diabetes may hinder market expansion. Companies like Novo Nordisk A/S, Sanofi, and Eli Lilly and Company rule this oligopolistic market. One of the chronic diseases with the fastest global growth rates is diabetes. In recent decades, its prevalence has steadily risen. According to the World Health Organization, 537 million adults globally will have diabetes in 2021, and one in ten will have another form of the disease.
The Global Human Insulin Market is segmented based on Product, Product Type, Diabetes Type, Delivery Devices, and Region. Based on Product, the market is classified into Drugs and Delivery Devices. Furthermore, based on Product Type, the market is segmented into Human InsulinAnaloys and Biosimilars, and Human Insulin Biologics. By Diabetes Type, the market is divided into Diabetes 1 and Diabetes 2. Based on Delivery Devices, the market is segmented into Pens, Pen Needles, and Syringes. Region-wise, the Global Human Insulin Market has been segmented into , Europe, Asia Pacific, Latin America, and Middle East & Africa.
The primary element behind the expansion of the Human Insulin market is the rising incidence of diabetes. Due to changes in lifestyle and eating habits, the percentage of the population suffering from obesity and diabetes has increased dramatically. In turn, this is increasing the demand for Human Insulin.
Technology for producing Human Insulin has undergone tremendous development, which is accelerating adoption. In order to meet the enormous demand, the industrial manufacture of Human Insulin has been made possible by newer technologies like recombinant DNA technology. As a result, a larger population can now access and afford Human Insulin. In addition, the continuous research initiatives may possibly boost market worth even more.
A significant factor in the increase in Human Insulin demand is people's increased disposable income. Moreover, the Human Insulin market is expanding due to rising disease awareness and widespread acceptance. However, the primary barrier to the expansion of the Human Insulin market is the high cost of Human Insulin analogs. Additionally, people living with diabetes must take Human Insulin supplements continuously for the rest of their lives, which costs money for the patients. Furthermore, the production cost goes up due to the demand for highly skilled labor and advanced manufacturing facilities. Another restraint is the tight regulatory criteria for Human Insulin approval.
Region to Take Over the Market
During the forecast period, the Human Insulin market in North Americais anticipated to develop at the quickest rate.Due to the higher prevalence of diabetes in this region, has the top position in the market. Furthermore, as they are the most prone to suffer from diabetes, the growing elderly and obese population in this area is projected to raise the demand for Human Insulin. Furthermore, a high level of government spending on healthcare facilities and services creates a favorable climate for market expansion.
The market region with the quickest growth rate in . Nearly 60% of the world's diabetic population resides in this area. Additionally, rising disposable income and improved healthcare infrastructure are driving market expansion. Furthermore, the prevalence of diabetes in this region is rising as a result of rapid industrialization and lifestyle changes. Additionally, the region's market expansion would be aided by the prevalence of pharmaceutical and Human Insulin manufacturing enterprises.
The increasing prevalence of diabetes across the globe boosts market growth.
Some of the key players in the Global Human Insulin Market include- Novo Nordisk A/S (Denmark), Eli Lilly & Company (US), Boston Scientific Corporation (US), Sanofi (France), Boehringer Ingelheim International GmbH (Germany), Biocon (India), Tonghua Dongbao Pharmaceutical (China), Julphar (UAE), Wockhardt (India) and others.